After-Hours Movers 1/5: IDEV, ELX Higher; LDK, IMN, TRAK, DTLK Lower

January 5, 2009 5:48 PM EST

Indevus Pharmaceuticals, Inc. (Nasdaq: IDEV) 70% HIGHER; Endo Pharma (Nasdaq: ENDP) and Indevus today announced that they have entered into a merger agreement under which Endo will commence a tender offer to acquire 100% of the outstanding shares of Indevus for approximately $370 million, or $4.50 per Indevus share, in cash (which is a 45% premium to Indevus Pharmaceuticals today), and up to an additional approximately $267 million, or $3.00 per Indevus share, in cash payable in the future upon achievement of certain regulatory and sales milestones. The transaction has been approved by the boards of directors of both companies.

LDK Solar Co., Ltd. (NYSE: LDK) 14.6% LOWER; today announced that based on preliminary data for Q4, LDK Solar estimates revenue to be in the range of $425-$435 million and wafer shipments between 245-255 MW and gross margin between 10% and 13%. This compares to its previously issued guidance for Q4 of revenue in the range of $555-$565 million and wafer shipments in the range of 260-270 MW, and gross margin between 18% and 21%. The Street is currently expecting Q4 sales of $540.53 million. As a result of lower average selling prices, sees FY09 sales of $2.3-$2.5 billion, versus the consensus of $2.6 billion, and wafer shipments of 1.57-1.67 GW. Gross margins for the year are expected to be between 22% and 27%.

Imation Corp. (NYSE: IMN) 2.9% LOWER; lowered its Q4 revenue guidance and now expects Q4 revenue to be in the range of $530 million to $540 million versus consensus estimates of $570 million. Imation said it may also report a $7 million operating loss versus previously expecting operating income to be between $7 million and $14 million.

DealerTrack Holdings, Inc. (Nasdaq: TRAK) 1.9% LOWER; announced a realignment of its workforce and business aimed at sharpening its focus on high growth opportunities. The company plans to reduce its workforce by approximately 90 people, or 8% of its total employees, including several executive and senior-level positions. The company currently anticipates annualized salary savings of approximately $7.0 million from these reductions. DealerTrack plans to continue to invest in those areas that are still showing strong growth despite the challenging economy. The company expects to incur a restructuring charge in the first quarter of 2009 of between $6.8 and $7.8 million on a pre-tax basis, including approximately $3.5 to $4.0 million of net non-cash compensation expense.

Emulex Corporation (NYSE: ELX) 1.3% HIGHER; lowers its Q2 sales guidance from $111-$116 million to $107-$108 million. The Street is currently expecting Q2 sales of $113.23 million. Also, the company cut its Q2 non-GAAP EPS estimate from $0.20-$0.23 to about $0.23, versus the consensus of $0.21.

Datalink Corporation (Nasdaq: DTLK) INDICATED LOWER; cuts its Q4 sales guidance from $49-$53 million to about $48 million, versus the Street consensus of $51 million. For non-GAAP EPS, Datalink moves its guidance from $0.10-$0.14 to $0.07-$0.08, versus the consensus of $0.12.

Lithia Motors, Inc. (NYSE: LAD) INDICATED LOWER; voted to suspend its quarterly dividend for the fourth quarter of 2008 due to the current economic environment. Last quarter's dividend was $0.05 per share.

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